UK rent prices almost twice as high as EU average

UK workers spend 40% of their income on rent compared to their European counterparts who pay 28% (Reuters)

Renting in the UK is 87.5% higher than the average of European Union countries, a report by the National Housing Federation shows.

The report said that the UK renters are more than 50% worse off in terms of rent compared to countries with similar wages, such as the Netherlands and Germany.

NHF research officer Gerald Koessl said in a statement: "Renting from a private landlord does not by definition mean high rents and insecure tenancies. However, the UK performs poorly compared to our European neighbours."

The NHF report said that the average monthly rent price in the UK is around €902 (£642, $1,009) compared to a European average of €481 (£342, $538). And a separate study by HomeLet in May claimed that the average UK rent price is around £916.

Working people in the UK spend about 40% of their income on rent, while people living in other EU countries pay an average of 28%.

The soaring rent prices, especially in London, have made it impossible for a third of Londoners to live in the capital, and has led to young professionals sharing bedrooms in order to afford the prices.

NHF chief executive David Orr told the BBC that the high rent prices make it increasingly hard for UK citizens to start families or businesses.

He said: "High rents are just one symptom of the housing crisis, we are simply not building enough due to underinvestment and problems with the land market."